Hi Nuris, I see various knowledgeable agents have responded here to answer your primary question, however, I'd like to make a quick comment that might help protect you going forward based on your concern of paying too much for a house and feeling a sense of urgency right now.
Even if you get financing lined up, which I'm confident any of us here on this blog post can as long as you fall within the lender guidelines; you should be advised that there is limited inventory of available homes in Corona that can be readily bought at a fair price.
Sadly, the limited number of homes that are currently listed are being marketed at prices 10% to 15% of fair market value is most cases, at least when based on any recent comps. This poses a serious issue to many home buyers that are reliant on lender financing because if the appraisal comes in lower than the agreed sales price, the buyer has to come up with the additional cash to close. If you only have 10% available to put down, but the value is 10% less than offered, it would double your down payment requirement.
I understand that you're anxious to buy again and hopefully you will have plenty of time to do so in the coming years, so I wouldn't recommend forcing the issue right now.
In my opinion, I believe you should be patient, save up some more money until you get 20% (much better financing terms) and buy when the market isn't so lopsided in favor of the seller. I have several buyers seeking homes right now and, although we search for new homes every day, we're planning on being patient to make sure we buy the home they want, not the only thing available at the moment.
Deals do come up in the distressed market (short sales and foreclosures) where you have a shot at a good deal on a home that is priced right, but you need to find an agent that really works hard to find these opportunities and understands the process.
Investors, not traditional home buyers, are driving up prices. They have a specific price point they won't exceed in order to generate the appropriate cash on cash return, so prices won't get driven up too much higher than they are now because the ROI wouldn't meet their investment guidelines
If you need any help or have any questions in this regard, feel free to contact me. I'd be happy to help get you Pre-Qualified for a loan now and begin the process of locating an opportunity.
REALTOR & Short Sale Certified Agent
Hilton Thomas & Associates, Inc.
DRE License #01869845